1) Strategic Position/ Analysis:
Assess :
- SWOT
- Culture, belief and assumptions of the organization
- Expectation and power of stakeholders
2) Strategic Choice:
To do strategic choice, we have to follow below three steps
- Generation of strategic options.
- Evaluation of those options.
- Selection of strategy / option that organization will pursue. There can be more than one strategy chosen.
Selection of strategy often is a subjective judgement and likely to be influenced by value of managers.
Broadly there are 2 ways in which a strategy can be pursued.
1) Internal development = Organic growth
2) External development = Merger / Acquisition / Franchise
3) Strategy into Action:
Implementing a strategy has three elements,
1) Enabling organization’s resources according to the strategy.
2) Structuring the organizations according to the strategy.
3) Manage the change across the organization.